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Added June 30, 2010 from: Beverly Blair Harzog
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Answered By Beverly Blair Harzog:
  Even if you transfer your balance to a credit card with a 0% introductory APR for balance transfers, you must still make minimum payments. Most credit card offers have a clause that states if you don't make your payments on time, you lose the introductory APR. This means going from 0% (or whatever low rate was offered) to the regular APR, which is much higher.

Your goal with a balance transfer is to pay off the debt before the intro rate goes away. So, if you can't make payments from the beginning of the transfer, this might not be the best option for you.

Keep in mind that there are other fees associated with balance transfers, as well. Balance transfer fees currently range from 2% to 5%. For example, with a 3% transfer fee on a $5,000 balance, you pay an additional $150. Be prepared to make minimum payments on the amount of your balance transfer plus the amount of the transfer fee.

This question is about:  Balance Transfers
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